B&CE Benefit Schemes, the workplace pension provider to over 1.6 million people, today announces Morgan Sindall Group plc, the leading UK construction and regeneration group with a turnover of £2.2 billion, is the latest customer to sign up to its newly established pension scheme, The People’s Pension.
The scheme, launched in November last year as a real solution to auto-enrolment, will provide a pension scheme to over 2,200 Morgan Sindall Group plc operatives, who are paid on a weekly basis once auto-enrolment commences for the organisation.
The Construction and Infrastructure division’s HR Operations Manager, Shirley Haines says: “Working with B&CE has been a really great experience, because they’ve explained pensions and auto-enrolment in terms that we and our employees are able to understand. The topic of pensions can be very daunting to some.”
Starting from October 2012, pension changes being introduced require every employer to automatically enrol eligible employees into a compliant workplace pension scheme.
Shirley Haines continues: “No one should underestimate the impact auto-enrolment will have on their business. I don’t really think that employers at this moment in time have realised just how big this is going to be. We are confident having worked with B&CE for many years that The People’s Pension will deliver a hassle-free solution that will support the needs of both our business and our employees. ”
In reaction, B&CE Director of Customer Development, Paul Murphy, comments: “The People’s Pension has received a hugely positive reaction from across the industry and existing and potential customers, including those outside construction. Morgan Sindall Group plc has been with B&CE since 1995 and they clearly understand the value of the service and support we provide to them and their employees. It is great to have early recognition from such a valued customer that The People's Pension is the right choice for their organisation for auto-enrolment.”
Please click here to view the video showing Morgan Sindall representatives talking about their relationship with B&CE and the benefits of working with them.
-Ends-
For further press information please contact:
Hannah Gilmore or Stephanie Davey T: 020 7739 8899 e: B&CE@living-group.com
Photography and brand images are available from the Living Group press office
www.thepeoplespension.co.uk Follow us on Twitter: @peoplespension
Note to editors:
About B&CE and The People’s Pension
B&CE is a not-for-profit organisation, which operates for the benefit of its members and their dependants. Established in 1942 and founded in construction, B&CE’s current offering includes a workplace pension, employee accident cover, employee life cover, employee healthcare and holiday pay. Today it manages assets of over £1.8 billion and provides financial benefits to more than 205,000 individuals on behalf of nearly 6,000 employers
For the past 30 years, B&CE has been providing workplace pensions to employers with transient, low to moderate earning workforces, both large and small. B&CE has been operating a form of auto-enrolment for ten years through its stakeholder product and in November 2011 announced the details of The People's Pension, as its alternative offering for auto-enrolment.
The People's Pension, a Super Trust, from B&CE is a hassle-free, flexible and portable workplace pension designed for people, not profit and is suitable for any organisation, large or small, in any sector.
The above information is correct as of January 2012 (Ref: 1419/0112)
About Morgan Sindall Group plc
Morgan Sindall Group plc is a leading UK construction and regeneration group with revenue of over £2 billion and which operates through five divisions of construction and infrastructure, affordable housing, fit out, urban regeneration and investments.
Auto-enrolment key facts
The Pensions Act 2008 establishes new duties for UK employers from October 2012, including requiring all employers to assess their workforce and automatically enrol eligible workers (aged between 22 and the state pension age and currently earning above £7,475). For all other workers, employers must provide information allowing them to opt in to a qualifying pension scheme. In both instances, the employer must pay contributions on their behalf. For those workers earning below £5715, they must be given the right to join but there is no requirement for the employer to make a contribution.
The implementation, known as ‘staging dates’ come into effect on the 1st October 2012 until the 1st July 2013 for large to medium sized employers. For those employers with between 50 – 2,999 employees, the staging date has been moved with a new date to be notified by the government in January 2012. For employers with less than 50 employees their staging date will be delayed until after the end of Parliament in May 2015.
Contributions are based on qualifying band earnings – currently between £5,715 and £38,515. Earnings include salary, wages, overtime, bonuses and commission statutory sick pay and any other statutory pay received.
The minimum contribution that employers and employees must pay will be phased in over a period of time (the exact details to be confirmed) and will eventually equal 8 per cent of an employee’s qualifying earnings, of which the employer will have to contribute a minimum of 3 per cent.